The single currency started the week on the front foot yesterday, but the early gains rapidly fell away and it ended the day down on sterling but marginally up on the US dollar. The direction is broadly negative this morning, due to better data from the UK.
Several members of the European Central Bank’s (ECB) interest rate setting committee have been speaking publicly about last week 75 basis points raise.
Recent gains by the Ukrainian army against the Russian invaders have offered some hope that the war might end earlier rather than later, and that boosted both global stocks and the euro.
This morning we have already heard a final reading for inflation for Germany at 7.9% year on year, and 0.3% over the month, well down on last month’s 0.9%. Spanish inflation, however, is up to 10.5%.
At 10am we’ll hear the ZEW Economic Sentiment Index for Germany and the eurozone.
EUR/USD past year
